Coinberry’s Commitment to the Canadian Cryptocurrency Community
A lot of people are asking themselves “is it safe to buy Bitcoin?”. Undoubtedly, the potential loss by QuadrigaCX of 190 million CAD of crypto is a blow to the relatively small Canadian cryptocurrency industry. But it is not by any means a fatal one. There are plenty of responsible and legitimate cryptocurrency trading platformsin Canada.
Here’s how Coinberry is leading the pack not only in terms of ease of use, customer service, and pricing but also from the perspective of trust, security, and accountability. What do we do to make sure our customer’s data, Bitcoin, Ethereum, Litecoin and CAD deposits are safe and secure? How are we different?
1 — Coinberry has fully supportive, transparent and CDIC insured segregated banking in Canada
The banks we work with support our business model as well as the measures we’ve taken in order to be compliant with Canadian law. We keep company funds and customer funds in completely different accounts.
What does this mean for you? Our bank accounts will not get frozen and neither will your funds! That’s why when you withdraw money from Coinberry, in most cases, your withdrawals get processed the same day.
2—All crypto deposits made onto the Coinberry platform are routed to hierarchical wallets
What does this mean for you? It is extremely hard to track (and impossible to steal) the Bitcoin, Ethereum and Litecoin deposits you make on the Coinberry platform.
3 — We only use multisig cold storage wallets
Meaning that any 2 members of the executive team are able to access the funds. What does this mean for you? If the CEO goes missing during a trip to open an orphanage in India, your Bitcoin, Ethereum and Litecoin will still be accessible by the Coinberry executive team. More on multisig wallets here.
4—We have a Business Continuity Plan, as well as strict Internal Controls and Storage Processes in place
What does this mean for you? Even if the CEO goes missing or is abducted by aliens, the show goes on. Other executive team members are able to take over in the interim and make sure that business continues as usual with no impact to our members.
5 — Coinberry is one of only two cryptocurrency trading platforms in Canada to successfully complete an independent Financial Statements audit.
What does this mean for you? This means that a 3-party accounting firm went through all of our finances and signed off that our books are clean and in order and we haven’t been using your funds to book trips to the Bahamas.
6 — Coinberry was one of the first cryptocurrency trading platforms to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB)
What does this mean for you? We take compliance extremely seriously and are doing everything in our power to make sure that the platform remains free of bad apples and we can continue to grow and develop more amazing features for our members.
7—The Coinberry platform is penetration tested by the top cybersecurity firm in the country
We hire cybersecurity experts to hack our platform in every possible way so we can identify risks and fix them fast. What does that mean for you? It is virtually impossible to hack into our system and steal your Bitcoin. More on penetration testing here.
8—Our database is fully redundant in case of a database breach or crash and restorable within seconds
What does this mean for you? Even if someone does somehow, miraculously break into our database, we can restore the database to its correct state within seconds.
9— All personal information you submit is OpenPGP protocol encrypted at rest on servers in Canada
What does this mean for you? This means that personal information you submit on our platform isn’t readable if hacked and, for those that care, isn’t accessible to certain government bodies south of the border;)
As the industry continues to grow and mature we will continue to push and elevate the standards for cryptocurrency trading not only in Canada but beyond our borders as well. Have questions? Get in touch at email@example.com.